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LegCo Passes Banking (Amendment) Bill 2025 to Facilitate Sharing of Account Information Among Banks under Specified Conditions to Enhance Crime Detection & Prevention Efficiency
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The Hong Kong government welcomed the passage of the Banking (Amendment) Bill 2025 by the Legislative Council (LegCo) today (4 June) to facilitate the sharing of account information among banks under specified conditions to enhance the efficiency in detecting and preventing crime in Hong Kong. The Amendment Ordinance introduces a voluntary mechanism for banks and relevant law enforcement agencies to share with each other, swiftly and safely via electronic means, information of corporate and individual accounts through secure platforms designated by the Hong Kong Monetary Authority (HKMA), when banks become aware of suspected prohibited conduct (i.e. money laundering, terrorist financing or financing of proliferation of weapons of mass destruction). The Amendment Ordinance also provides legal protection for banks that disclose relevant information. AAStocks Financial News Website: www.aastocks.com |
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